WASHINGTON — Apple’s newest iPhone 5S garnered the headlines this week, but Wall Street investors were not as impressed.
Reuters reported that the steep price for the new line of phones was the main point of criticism from investors.
The $730 price in China chased any positive speculation away because it is more than the average income throughout all of China, which is a key emerging market in some investor’s eyes. Samsung and China’s own Huawei have a significant lead over Apple products in China. It is double the price of competitor’s phones.
The cheapest Chinese phones? They go at around $100 apiece.
The addition to the iPhone that garnered more attention was the fingerprint scanner to improve security and brighter, more vibrant colors, but that was not much to win over skeptical investors.